An Urn Contains 12 Balls,5 of Which Are Red

question 58

Multiple Choice

An urn contains 12 balls,5 of which are red.The selection of a red ball is desired and is therefore considered to be a success.If a person draws three balls from the urn,what is the probability of two successes?

• A)0.1591
• B)0.3182
• C)0.6810
• D)0.8409

Determine which parties have a comparative or absolute advantage based on opportunity costs.

Understand the principles behind international trade and the gains from trade.

Explore the impact of technological improvements on comparative advantage and production possibilities.

Understand the concept of human capital and its importance to the economy.

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Definitions:

Socio-Cultural

Relating to the interaction of social and cultural elements in society, influencing behaviors, values, practices, and institutions.

Competitive

Relating to or characterized by competition; trying to win or be more successful than others.

Technological

Pertaining to technology, which involves the application of scientific knowledge for practical purposes, especially in industry.

Imitations

Products or services that closely copy or resemble another's in appearance or function but are not identical.